EDF Renewable Energy announced today that the 161-megawatt (MW)
Spinning Spur II Wind Project in Texas has reached commercial operation
(COD). The company further announced the close of structured equity
financing from GE Energy Financial Services
GE, -0.08%
and MUFG Union
Bank, N.A. The completion of construction and COD milestone allows
the closing of the sale of 50 percent of EDF Renewable Energy’s equity
interest in the project to UBS International Infrastructure Fund.
Financial details were not disclosed.

Spinning Spur II commenced construction of 87 GE 1.85-megawatt, 87-meter
rotor wind turbines 40 miles west of Amarillo in June 2013. The power is
sold pursuant to an 11-year purchase agreement. The project is one of
the first to feed into the new CREZ (Competitive Renewable Energy Zone)
transmission infrastructure which enables access to the strong renewable
resources of West Texas and the Texas Panhandle and delivery of the wind
energy resource to the high electricity demand areas in the state. Texas
leads the country in installed wind capacity with 12,300 megawatts,
enough clean electricity to power 3.3 million average homes in the
United States.1

“The announcement today exemplifies EDF Renewable Energy’s strategy to
develop renewable energy projects with strong local community support,
and first tier equipment suppliers and contractors, and then invite the
investment from longstanding financial partners,” commented Tristan
Grimbert, President and CEO of EDF Renewable Energy. “EDF RE will retain
substantial ownership in the facility and bring our expertise in
operations and maintenance through EDF Renewable Services to optimize
long-term investment profitability.” With the Spinning Spur II project
in operation, the Group’s installed capacity since entering the Texas
market in 2012 reaches 472 MW with another 700 MW in late-stage
development.

Spinning Spur II is UBS International Infrastructure Fund's sixth
investment and its second renewables acquisition. Floyd Gent, Head of
Americas for UBS International Infrastructure Fund said, “Our investment
in Spinning Spur II demonstrates our commitment to seek out
infrastructure projects which generate stable, long term returns for the
Fund consistent with our investment objective. Further, partnering with
EDF Renewable Energy with its experience and track record in North
America and other global markets was a key consideration in our decision
to invest in Spinning Spur II. We are very pleased with the success of
the project and the working relationship that we have established
together with EDF RE. All of the parameters we agreed upon in late 2013
including the success of the financing structure, construction of the
project, and bringing wind energy to the grid have all been achieved
within the timeline and with safety as the top priority.”

Kevin Walsh, Managing Director of Power and Renewable Energy at GE
Energy Financial Services, added, “Our investment in this
well-structured project supports the growth of EDF Group, an important
worldwide GE customer, as well as our strategy to grow by combining
expertise, capital, and technology.” GE Energy Financial Services holds
a portfolio of approximately 12 gigawatts of wind power projects in
operation or under construction.

“We are pleased to once again partner with EDF Renewable Energy and are
proud to be part of a project that will provide long-term, clean,
competitively priced power to the state of Texas. This partnership is
another strong example of our strategy to be the leading financial
solutions provider for renewable energy,” said Lance Markowitz, Managing
Director of Leasing and Merchant Banking at MUFG Union Bank, N.A. MUFG
owns interests in approximately 2,230 MW in renewables in the United
States and is currently #2 in the Americas and #1 in North America in
the Project Finance League Tables.

Spinning Spur II will generate enough electricity to power approximately
44,000 homes – according to US Energy Environmental Protection Agency
methodology – avoiding approximately 332,000 metric tons of greenhouse
gas emissions per year, the equivalent of the annual emissions from
approximately 70,000 passenger vehicles.

EDF Renewable Services will provide long-term operations and maintenance
for the facility, balance of plant, project oversight, and 24/7 remote
monitoring from its NERC compliant Operations Control Center (OCC). The
OCC provides an efficient, reliable, and secure operating platform,
while benefiting from the centralization of SCADA (Supervisory Control
and Data Acquisition) functions and consolidation of multiple vendor
SCADA environments to provide a common operating view. EDF Renewable
Services is an industry leader, providing O&M services to more than 7.4
gigawatts of renewable energy projects across North America.

1 AWEA U.S. Wind Industry Annual Market Report Year
Ending 2013

About EDF Renewable Energy:

EDF Renewable Energy is a leading U.S. independent power producer with
more than 25 years of expertise in the renewable industry, covering all
range of services from project development, management to operations and
maintenance. EDF Renewable Energy specializes in wind and solar
photovoltaic with presence in other segments of the renewable energy
market: biogas, biomass, hydro, marine energy and storage solutions. The
company develops, constructs, operates and manages renewable energy
projects throughout the United States for its own accord as well as for
third parties. EDF Renewable Energy’s portfolio consists of 4 gigawatts
of developed projects with 1.9 gigawatts of installed capacity. EDF
Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. EDF
Energies Nouvelles is the renewable energy arm of the EDF group, the
leading electricity company in the world. For more information visit: www.edf-re.com

About GE Energy Financial Services:

GE Energy Financial Services—GE’s energy investing business—works as a
builder, not just a banker, to help meet the world’s power and fuel
needs. We offer more than money—expertise—for essential, long-lived and
capital-intensive power, oil and gas infrastructure—GE’s core business.
Drawing on GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our customers’
toughest challenges with flexible equity and debt transaction
structures. Based in Stamford, Connecticut, GE Energy Financial Services
holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ

About GE:

GE
GE, -0.08%
works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.

About MUFG Union Bank, N.A.

MUFG Union Bank, N.A., is a full-service bank with offices across the
United States. We provide a wide spectrum of corporate, commercial,
retail banking and wealth management solutions to meet the needs of
customers. The bank also offers an extensive portfolio of value-added
solutions for customers, including investment banking, personal trust,
capital markets, global treasure management, transaction banking and
other services. With assets of $106.7 billion (USD), as of March 31,
2014, the bank has strong capital reserves, credit ratings and capital
ratios relative to peer banks. MUFG Union Bank is a proud member of the
Mitsubishi UFG Financial Group
MTU, +1.38%
one of the world’s largest
financial organizations with total assets of approximately ¥258 trillion
(JPY) or $2.5 trillion (USD), as of March 31, 2014. MUFG Americas
Holdings Corporation, the financial holding company and MUFG Union Bank,
N.A., have corporate headquarters in New York City.

About UBS International Infrastructure Fund:

UBS International Infrastructure Fund, managed by the Infrastructure
Asset Management team within UBS Global Asset Management's
Infrastructure and Private Equity business area, is a USD 1.5 billion
specialist OECD infrastructure investment fund which, in addition to its
investment in Spinning Spur II, owns investments in Gassled through its
Njord Gas Infrastructure company, Collgar Wind Farm (a 206 megawatt wind
farm in Australia), Northern Star Generation (a 1,402 megawatt portfolio
of power stations in the United States), Saubermacher (a waste
management business serving central and eastern Europe based in Austria)
and Southern Water (a water and sewerage company serving southeast
England). UBS International Infrastructure Fund is managed by UBS Global
Asset Management in London. For more information visit: www.ubs.com/infrastructure-and-private-equity

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